2006 Annual Report Executive Summary
Southernmost Illinois Delta Empowerment Zone
As 2006 came to an end, local leaders and citizens felt a guarded sense of hope that the long decades of economic distress in the empowerment zone might soon be coming to an end. Three alternative energy projects—an ethanol plant, a biodiesel plant and a coal gasification plant—were under development. American Consolidated Barge Line was planning to construct a new training facility. Owners of the Gambit Golf Club were in the process of upgrading golf and lodging facilities and had nearly completed the construction of a new restaurant. Several communities were considering establishing Tax Increment Financing Districts to help fund new development.
SIDEZ amended its intergovernmental agreement with the three counties in the empowerment zone to allow the Illinois Finance Authority to issue empowerment zone bonds. MOR Energy, LLC received an allocation of EZ bond cap for construction of a 113 million gallon ethanol plant. Renewable Energy Group, the developer of the biodiesel facility, also expressed interest in empowerment zone bonds for their project.
SIDEZ submitted an application to the Community Development Financial Institutions Fund to become a Community Development Entity, the first step necessary to apply for an allocation of New Market Tax Credits.
Another accomplishment that paved the way for economic growth was the passage of a referendum to establish a new sewer district to serve unincorporated communities in Alexander County north of Cairo and around Interstate 57, Exit 1. Alexander County also completed the mitigation of seven additional properties in the flood plain and anticipated re-admittance to the FEMA flood insurance program on a probationary basis in January 2007.
SIDEZ continued to provide low interest financing to assist expanding and new businesses, closing four new loans valued at $235,640. Forty-nine loans valued at $2.45 million have been made by the empowerment zone since 2000. Two hundred thirty jobs have been created or retained as a result.
The Southern Illinois Stimulus Corporation established a new low interest micro-enterprise loan program with seed money from SIDEZ. The SISCO loan program offers a slightly higher interest rate and streamlined application process to borrowers that might not qualify for other low interest loan programs. SISCO also established a rental incentive program with empowerment zone grant funds. Five start-up businesses received rental incentives to help them locate in the Pulaski County Business Center. Johnson County received rental assistance to help Jackson Hewitt Tax Service locate in a speculative building in the Johnson. The County Industrial Park had been vacant since 2003. The building will now serve as the administrative headquarters for the franchise which has 80 offices in four states. Jackson Hewitt is finishing the interior of the building.
The Mound City National Cemetery Preservation Commission dedicated the Caretaker’s House at the Mound City National Cemetery as a museum. The dedication represented the culmination of five years of effort to secure funds to restore the building and to reach agreements with the federal government over use of the facility. The Village of Thebes opened the historic Thebes Courthouse to the public Labor Day weekend for the first time in nine years. The Village used a SIDEZ grant to underwrite the costs of faculty and students.